You’ve a 25-year tracker mortgage of €250,000. If switching from your tracker rate of 2.25 per cent to the standard variable mortgage of 4.19 per cent, you would need a €47,000 payoff to break even, according to Karl Deeter, head of customer advice with advisors.ie. You would have to use this €47,000 to reduce the amount you are borrowing — so instead of borrowing €250,000, you borrow €203,000.
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